The extracted Trial Balance from the ledger of Amazon Traders, Income Statement and BalanceSheet templates have been provided. The trial balance needs to be balanced in terms of debit andcredits. You need to review and check the trial balance ensuring any errors are corrected andcomplete the worksheet for Income Statement and Balance Sheet.Answer:Trial Balance Income StatementDebit Credit DebitCredit31,4831,900Accounts Receivable 3,700Accounts PayableAccountsBuildingBankGST CollectedGST PaidSalesCost of Goods SoldOffice EquipmentInventoryDelivery ExpensesInsuranceElectricityTelephoneSalariesRatesDiscount AllowedRentCommission IncomeCapital (opening)Net ProfitTotals2,00021,11895013,8324752285321902,4702381,0074845,0002,60044,59380727,60780,607 80,607Balance SheetDebit Credit Prepare an Income Statement for year ended 30 June.Answer:Amazon Traders - Income Statement for the year ended 30 June$ $SalesGross ProfitAdd Other Revenue:Total Operating IncomeTotal Operating Expenses:Net Profit (Loss)Task 11Prepare a Balance Sheet on 30 June.Answer:Amazon Traders - Balance Sheet as of 30 June$ $Current AssetsNon-Current AssetsTotal AssetsCurrent LiabilitiesTotal LiabilitiesNet AssetsOwners' Equity||=│|

A trail balance statement is one of the statement which are just prepared by the company so that it…

The extracted Trial Balance from the ledger of Amazon Traders, Income Statement and Balance Sheet templates have been provided. The trial balance needs to be balanced in terms of debit and credits. You need to review and check the trial balance ensuring any errors are corrected and complete the worksheet for Income Statement and Balance Sheet.

The extracted Trial Balance from the ledger of Amazon Traders, Income Statement and Balance Sheet templates have been provided. The trial balance needs to be balanced in terms of debit and credits. You need to review and check the trial balance ensuring any errors are corrected and complete the worksheet for Income Statement and Balance Sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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